Ripple has been making efforts for a long time to overcome the flaws of the traditional payments system SWIFT. This has been used for decades by banks and financial institutions, but it became flawed over time.

Ripple can make sure that users of XRP-powered ODL can benefit from instant, cheap, and secure cross-border transactions.

It’s been also revealed that Ripple’s senior vice president of marketing, Monica Long announced that there’s a modified settlement between the two parties which McCaleb saw as a victory.

It’s been reported that for the first year of the agreement, McCaleb was able to sell 0.5% of the average daily volume of XRP on a daily basis. In years 2 and 3, he could sell 0.75%, and in the current 4th year, he can sell up to 1%.

After this year, he will be able to sell as much as 1.5% of the average daily volume.

Head over to the Daily Hodl’s original article to see where you can track McCaleb’s addresses.

People Mentioned

Jed McCaleb

Jed McCaleb is the CTO of Steller, which is an open-source, protocol for digital currency to fiat money. Prior to co-founding Steller, McCaleb was also the founder of Mt.Gox exchange as well as serving as the CTO to Ripple and is also known for creating Magic: The Gathering Online Exchange, and the peer-to-peer eDonkey and Overnet networks.

Chris Larsen

Larsen co-founded Ripple in 2012 and now fulfils the role of Executive Chairman. A long-standing advocate for financial privacy and education, Larsen and the Ripple Foundation gifted $25 million to San Francisco State University in April 2019.